Finnish development financier and impact investor Finnfund has announced two investments totaling $27 million in India, aimed at accelerating the deployment of electric mobility and expanding access to green finance.

The investments include a $15 million equity investment in Transvolt Mobility, an Indian electric heavy commercial vehicle company, and a $12 million senior secured loan facility to Mufin Green Finance, a non-banking financial company focused on financing sustainable assets.

The $15 million growth capital will support Transvolt’s expansion in the electric heavy commercial vehicle segment, including e-buses and e-trucks, across multiple use cases, such as intra-city operations, corporate employee transportation, haulage solutions, ports, mines, and logistics for industrial clients.

The funding is expected to enable Transvolt to scale its fleet to 3,500 heavy commercial electric vehicles over the next two to three years. The company has also outlined a longer-term objective of deploying 8,000 heavy commercial electric vehicles across India.

The country is targeting the electrification of 800,000 buses and the replacement of 10% of diesel trucks with approximately 400,000 electric trucks. Achieving these targets will require an estimated investment of around $200 billion, creating opportunities for scalable electric vehicle solutions across public and private sector fleets.

Transvolt Mobility has deployed more than 500 heavy commercial electric vehicles across India. Finnfund’s $15 million equity investment in Transvolt Mobility follows an earlier equity investment by the International Finance Corporation.

Separately, Finnfund has announced a $12 million senior secured loan facility to Mufin Green Finance. The non-banking financial company focuses on financing sustainable, income-generating assets, with a strong emphasis on electric mobility, including electric vehicles, charging infrastructure, and battery swapping, as well as solar projects.

Mufin’s business model targets underserved customers, with a majority of its borrowers being first-time loan takers, including micro, small, and medium-sized enterprises. The company stated that the funding would support measured growth in climate-linked and inclusive financing, with a focus on governance and prudent risk management.

In September 2025, Mufin Green Finance completed the allotment of 5,000 non-convertible debentures worth ₹500 million (~$5.67 million) through a private placement.